ONE MORE THINGDENIS O'BRIEN continues to build his stake in Sterling Energy, the UK-based oil and gas exploration and production company.

O'Brien this week increased his holding to 13.11 per cent, up from 12.3 per cent, paying about 13 pence each for 14 million shares.

Sterling is selling its producing assets in the US and has two large exploration projects - in Kurdistan in northern Iraq, and in Madagascar, where it has a joint venture with Exxon. Mr O'Brien has bought the shares on the cheap. With oil above $130 (€83.84) a barrel, the Sterling investment looks a reasonable bet. Expect him to keep nudging up his stake.